allocation. The model provides a cautionary counterpoint to one of the most popular arguments against the regulation of pay, i …

competitiveness and sufficiently separates individuals who choose different effort levels, the market allocation is Pareto superior to … a social planner’s allocation. We construct a specific market game that naturally generates robust equilibria with these …

Many water allocation agreements in transboundary river basins are inherently unstable. Due to stochastic river flow …, agreements may be broken in case of drought. The objective of this paper is to analyse whether water allocation agreements can be … self-enforcing. An agreement is modelled as the outcome of bargaining game on river water allocation. Given this agreement …